Beasley Back At The Table With Lenders On Possible New Debt Reshuffle.

Beasley Media Group has had success in the past reworking its debt structure with lenders. In late-2024, nearly all lenders embraced a move that give the company more time to pay back nearly $200 million in loans set to come due in 2026. Now Beasley is back in discussions with lenders to see if there is potentially a new path that can be taken.

This week Beasley exercised an option to use a 30-day grace period on an $10.2 million interest payment that was due on Feb. 1. The company likely had the money to pay as it reported more than $14.3 million in cash at the end of third quarter.

Instead, it tells investors in a regulatory filing that something bigger may in the works. Beasley says it is “actively engaged in discussions” with various stakeholders as they examine a number of potential alternatives regarding a restructuring of the company’s outstanding debt. Beasley says the aim is to strengthen its overall financial flexibility. “At this time, no agreement has been reached regarding the company’s indebtedness and no assurances can be given as to the timing or outcome of this process,” the filing says.

Under the terms of its agreement with lenders, taking the 30-day grace period doesn’t trigger a default. And Beasley will have the option of making the interest payment at any time during the coming month.

As new ideas are discussed, one factor that could impact the debt restructuring are the pending proceeds from a pair of station sales. Beasley told investors that it expects to receive $18 million during the first quarter in connection with a pair of $9 million sales in the Fort Myers-Naples, FL market to Sun Broadcasting and Fort Myers Broadcasting.

Ilana Goldstein, Director, Finance & Strategy, told investors during the company’s earnings call in November that they were prioritizing deleveraging with the proceeds from the Fort Myers transactions. “The combined effect of these actions is a leaner, more efficient enterprise, one capable of generating higher returns on every dollar of revenue and converting cost savings into sustainable shareholder value,” she said.

Beasley has found receptive lenders before. In late-2024, the vast majority went along with a plan that pushed back the due date of some debt set to mature in 2026 by two years at an exchange rate of 95% — or $950 per $1,000 of principal amount — of the existing notes. In exchange, they received shares of Beasley stock and a “consent fee” of $5 for each $1,000 in notes they exchanged, among other incentives.

At the end of September, Beasley reported it had $237 million in total outstanding debt, a $10 million reduction from a year earlier.